Major US bank invests $24m to boost shipbuilding in Philadelphia

New York-headquartered banking services firm JPMorgan Chase & Co. announced a $24m investment to strengthen Philadelphia’s shipbuilding and maritime manufacturing industry.

The program combines loans, investments, and philanthropic grants to support workforce training, supply chains, and small business suppliers. The figure includes $18m in loans and investments and $6m in philanthropic grants.

A primary focus is accelerating the construction of a new 95,000-square-foot high-bay submarine manufacturing and assembly facility, which is expected to generate 450 permanent jobs.

The capital will also support local maritime small business suppliers and fund workforce training for welders, electricians and other critical shipbuilding roles.

JPMorgan Chase said the near-term focus will include expanding submarine manufacturing and assembly facility, supporting workforce training and apprenticeships, assisting up to 100 local maritime small business suppliers and building stronger coordination among employers, training providers and community partners.

“America can compete and lead in shipbuilding again – it starts with more skilled workers and secure supply chains,” said Jamie Dimon, chairman and chief executive officer of JPMorganChase. “We need to train people for the jobs shipbuilders urgently need, connect them to good careers and strengthen the suppliers and partners that keep